Economic status of Nepal

Nepal is agricultural based country with80% of its citizen engaged in agriculture. Remittances, grants, exports and aids have always been a major source of income in the nation. Nepal ranks 157 among the poorest country in the world out of 187 countries in Human Development Index. However the percentage of people living below the international poverty line has declined to 24.8% in 2010/2011 from 53.1% in 2003/2004. Nepal GDP growth rate is 3.5% in 2011.  The per capita income of Nepal is USD 473 in 2009, USD 568 in 2010 and USD 643 in 2011 which is in increasing trend. The spending power of the Nepalese citizen is increasing which makes the higher level of quality education within the reach of majority of Nepalese citizens. Nepal by now is already a member of WTO and its membership in WTO has increased a demand of more and more nationally and internationally competent individuals that provides a huge ground for the institutions that produces such competent candidates.

Socio-cultural Status of Nepal
Nepal is a culturally rich nation holding the diverse people of different ethnical background group Chhettri, Brahaman, Magar, Tharu, Tamang, Muslim, Kami, Yadav and so on.. The population of Nepal has reached to 29.3 million with a growth rate of 1.595%. 53.75% of people in Nepal are literate and the figure is assumed to get increased in the near future. Because of the centralization of facility in the capital city pressure of migration has been increasing in Kathmandu valley. People in Nepal have different social classes- higher, lower and middle class. There has been a significant increase in the middle class family in recent years. The increase in the number of middle class family and the increment in the awareness program related to education have increased a demand for and feasibility of educational sectors in Nepal.

Technological Status of Nepal:
The world today has witnessed tremendous improvements in the files of Information technology. The IT has been an important factor that counts for the development of nation. Despite the reality on the importance of IT in development of nation Nepal yet has not been able to create a favorable technological environment. Only 15-18% of the population in Nepal has an access to internet. To develop the IT sectors in Nepal different policies has been implemented but Nepal lacks an adequate research on the fields of science and technology. The economy of the nation favors for the transfer of technology instead of the development of the science and technology sector. However Nepal has been making several attempts to make an improvement in its technological sector.
Government support rules and regulations:
Since we are going to open our business school from the university which is regulated by government, the rules and regulations on opening colleges should follow the Nepal law amendment act 2007 as well as the Tribhuvan University Act 1992. This act says a college can be opened with the approval of Tribhuvan University and the structure framework of the campus and financial assistance shall be prescribed. The government support for opening demanded business school (MBA). The process which includes opening Business College is to register under the company act and have to pay certain amount of fee. Before we register the business we have to get permission from the education ministry. If we get approval then we have to register the business school and have to provide financial statement of the school and some other framework.